Light extending to ground than back to central area than qutckly moving from one section of sky to another

In the summer of 1965 I and a friend was coming back from the beach in NJ around midnight when I notice what looked like a star to the west of us which continuly made dips torge the ground.  I watched for a long time driving toward it. 
I woke my friend in the back seat and asked if he seen anything he looked and said what is it?  We both watch as it continued to make its journey to the ground and back up. 
All of a sudden it streaked across the sky at least 90 degrees and started doing same thing.  It wasn't in front of me any longer so I didn't watch as I had before. 
Shortly after leaving area (the ufo), three search plane came to area it had been in and flew around in circles.  When I reached Binghamton I found a phone and called the airfoce who denied sending planes out.
Date in summer 1965 is approximate.  PD